Ex-charity director Lindsey pleads guilty to mail fraud - Austin Business Journal:

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Colin Lindsey, once the director of Lenexa-basesd , faces as much as 20 years in prisobn and a fineof $250,000. Lindsey’s Tuesday guilty plea settled two charges he facedc in relation to hisNew Hampshire-baserd , which had an address in Overlande Park. Federal prosecutors chargeds him with mail fraud onMarch 6, more than a year aftef New Hampshire banking authorities seized Noble Trust’ office there after discovering that $15 million was missingv during a routine audit of the nondepository trustg company’s books. Investigators linked the $15 million loss to a failedr investmentin Colorado, where Lindsey had placed a substantia amount of his clients’ money.
After that investmenf failed, Lindsey attempted to conceal the loss by takin g money from new clients to keep his promise of paying existing clientsa their 12 percentannual return. Federal prosecutors also accused Lindsey ofselling high-net-wortbh life insurance policies to low- and middle-income individuals to generatee commissions to hide the loss at Nobls Trust. Jerry Vito Marino, a Florida man, was chargecd with referring insurance clientzto Lindsey, at least one of whom was a hairdresser in bankruptcyg without the means to pay the premiums that Lindsey’s insurancse plans would command, according to court Marino is scheduled for a plea hearing on May 4.
Lisa a former COO for Noble Trust, faces sentencingt on July 1 after pleadinf guilty to knowingabout Lindsey’s crimeds and not reporting them to Lindsey, a graduate, ran Children’s Communit y Foundation, an under-the-radar charity in the Kansas City area that among other things, tax-free annuitiesd to customers in exchange for real estate His activities with the Children’s Community Foundatiojn roused the interest of Kansas authorities, who investigated whether Lindsey’s charity was actually a trust company.
The Children’s Communithy Foundation largely wound down its activities in the areaarounx 2001, and not long Lindsey established Noble Trust in New Hampshire. Lindsey is thoughtg to have more than 200 investors in failedNoble Trust, an unspecified numbe r of whom come from Kansass and Missouri, according to New Hampshire authorities.